Stock market today: S&P 500 falls as government shutdown, trade jitters persist
Investing.com -- Gold stocks climbed in premarket trading on Monday as bullion reached a new record high, following the Federal Reserve’s decision to cut interest rates last week.
The NYSE Arca Gold Miners Index rose as much as 1% on Monday to a record high.
Gold prices increased up to 1.1% during the session, touching a record high of $3,727.31 an ounce.
According to Scotiabank analyst Ovais Habib, gold prices have increased since the interest rate cut "driven by safe-haven demand, central bank buying, and a weaker dollar."
Several gold mining companies saw significant premarket gains. Agnico Eagle Mines led the pack with a 13.3% increase, while Barrick Mining rose 3.1%. Newmont added 2.9%, and Kinross Gold climbed 2.8%.
Other notable gainers included Wheaton Precious Metals, up 2%, Alamos Gold, which increased 2.4%, and Equinox Gold, which gained 2.3%.
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